(In accordance with the modifications accepted by the General Meetings on 26 October and 7 December 2006). 

1. §
The name and headquarters of the Association

1. The name of the association: Magyar Faktoring Szövetség
In English: Hungarian Factoring Association
In French: Association Factoring de la Hongrie
In German: Ungarischer Factoringverband 

2. Headquarters of the Association: Budapest, 1075 Madách Imre tér 3.

3. The Association operates on the basis of Act II of 1989 on the Right of Association as a court registered legal entity.  

2. §
The objectives of the Association 

The objectives of the association:

2.1. Representation and implementation of our interests. The Association wishes to form and articulate its views on politics of economy, finance and society concerning every point related to the activities of the members of the association. The Association also intends to participate in the preparatory work of related Acts, to sound its point of view on the operation of governmental boards and committees. 

2.2. Education, training, retraining. Organisation of lectures, consultative panels, domestic and foreign trips for exchanging experience, training courses for the employees and future professionals of factoring companies.  

2.3. Promotion, PR activity. Development of domestic financial culture, strengthening trust in financial companies, shaping public awarenessofenterprising and finance.

2.4. Liaising with associations (for example Banking Association, Leasing Association, The National Association of Employees and Manufacturers, various chambers etc.) 

3. §
The Members of the Association 

3.1. Regular members: By permission of the Financial Supervisory Authority members of the association can be domestic factoring companies and factoring financial institutions operating for at least one year purchasing account receivables as their core activity. Basic condition of association membership is acceptance of the Articles of Association and Code of Ethics and the settlement of the membership fee.

3.2. Honorary members: The natural persons and financial institutions elected by vote of majority of the Board.

3.3. Patron members: Natural persons, enterprises, other organisations admitted by vote of majority of the Board who agree with the objectives of the Hungarian Factoring Association and who wish to support their implementation or help their activities related to particular schemes.

3.4. The decision of the Board on patron and honorary members are approved of by the General Meeting in sequence.  

 4. §
Rights and obligations of regular members 

4.1.Members of the Association hold equal rights and are entitled to: 

- participate in the activity of the Association
- take part in the General Meeting holding advisory and voting rights, present motions on agenda and scope of topics, participate in decision-making process.
- make comments and suggestions, express opinion concerning the operation of the bodies of the Association
- initiate dispute on and representation of certain professional matters
- make suggestions on the organisational structure and operation of the Association
- are also entitled to the services of the Association
- receive information and statistical data compiled by the Association in accordance with specific rules.
- ask for the opinion of the Board of Ethics on matters of dispute concerning general ethical conduct documented in the Code of Ethics.
-appoint a candidate, who has a right to be elected to the Board of the Association, to the Board of Ethics and Board of Supervisors in the standing and ad hoc committees, and is entitled to participate in electing members of the aforesaid bodies.
- inspection in the records of the Association
- by request information on the activity of the Association which the Association is obliged to provide within 30 days. 

4.2. The Member of the Association is obliged to: 

- facilitate the successful operation of the Association
- act in accordance with the articles, regulations and resolutions of the Association, fulfil the regular data disclosure requirements on deadline
- observe the documented rules of the Ethical Code of the Association and act in accordance with the norms of the business circles
- protection of business secrets
- act in accordance with the resolutions of the Board statutory for the members
- pay membership fee determined by the General Meeting or, in case of interim admission during the year, pay in ratio by deadline. 

Rights and obligations of honorary members:

4.3. The honorary member is entitled to:

-participate in the work of the Association and its bodies with advisory capacity and proposing rights
- making proposals on discussion and representation of professional matters
- indicate the title of honorary membership on official documents
- nominate a candidate to the standing and ad hoc committees and (if natural person) take part in their work.

4.4. The honorary member is obliged to:

- Act in accordance with the obligations of the regular members with the exception of paying membership fee.  

Rights and obligations of patron members 

4.5. The patron member is entitled to:

- participate in the work of particular bodies of the Association with consultative and advisory capacity
- make suggestions on discussing and representing professional matters
- indicate the title of patron membership on official documents
- nominate candidate to the standing and ad hoc committees or (if natural person) participate in their work. 

4.6. The patron member is obliged to:

- observe the obligations of regular members.


The Articles of Hungarian Factoring Association